一财社论：个人信用修复将为市场经济注入持久动力

Core Viewpoint - The removal of bad credit records is a starting point for individuals who have previously defaulted to reintegrate into society, marking a significant step in personal credit restoration through policy implementation [1] Group 1: Policy Implementation - The People's Bank of China has announced a credit repair policy that allows for the automatic removal of personal credit overdue records for amounts under 10,000 yuan, provided the debts are settled by March 31, 2026 [1] - This policy will officially take effect on January 1, 2026, following the announcement made by the central bank governor on October 27, 2023 [1] Group 2: Execution Mechanism - The policy emphasizes an "automatic enjoyment" approach, indicating a shift in enforcement philosophy where the burden of enforcement costs is shared, minimizing overall economic and social costs [2] - The new mechanism aims to reduce transaction costs in the economy and alleviate the stigma associated with being labeled a defaulter, allowing individuals to reintegrate without fear of lifelong repercussions [2] Group 3: Market Dynamics - Effective credit restoration requires not only the removal of records but also the acceptance of individuals by the market, necessitating a transformation of credit repair into a market-acceptable risk pricing [3] - The policy opens the door for personal credit repair, but the market must actively engage in risk pricing to ensure that the policy's constraints align with market dynamics [4] Group 4: Future Considerations - The credit repair notification is seen as a small but correct step towards broader market credit restoration, which will require a comprehensive approach including the introduction of personal bankruptcy laws [5] - The essence of credit restoration lies in helping individuals regain their footing in the market, emphasizing that the credit system should facilitate reintegration rather than merely label individuals [5]